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London( CNN Business) 1. Fed triggers marketplace sell-off: The Dowslumped to the lowest level of the year on Wednesday after the Federal Reserve raised interest rates and indicated it expects more hikes next year.

Investors had been hoping the Fed would signal a more significant slacken of rate hikes in 2019 due to signs of economic weakness. Most Fed governors said they expect to hike rates twice next year, after hiking four times this year. Fed Chairman Jerome Powell said the economy at the end of the year was “more subjugated than most expected, ” and recent “developments signal softening” in the economic outlook.

Wall Street was likewises disheartened by Powell’s notes about is going to continue shrink the central bank’s balance sheet.